If the sheetrock needs replacing that means it got wet.

I agree with @Tom Spaeth regarding not necessarily needing to set up entities before getting your feet wet.  

@Joe S.I paint mine white with high gloss paint that easily cleans with a wet rag.

The tiling in the bathroom alone is labor intensive and extensive because it needs to be prepped for a wet and humid location. 

There is alot to consider, but once you get your feet wet with a reputable company I know you will be happy to have some turnkey properties in your portfolio.Good luck!

I agree with @Max Tanenbaum, Additionally, make sure you have given the open soffit sufficient time to dry out ie: inside of drywall if not to wet and framing for the soffit.I would also look for mold in the nooks and crannies.

The deal wasn't a homerun, just a decent deal that will get my "feet wet" in my new area.

Sound like I might do better getting my feet wet in the Groton / New London multi-family market than here in the DC Metro area.

Yes, do it now because doing it later will coat your nice clean bedroom with wet cement dust.

Or in some areas I have wet wood that never dries out because hot humid air is always blowing on it.